Singapore's Banyan Tree has been seeking a joint-venture partner to help fund $150 million of a project for its Surfers Paradise location along Australia's Gold Coast, but to no avail.
Now, the company is considering shifting its plan from building a dual-tower serviced apartment and residential complex to a developing a branded hotel.
If the plan shifts from residential, a new round of development applications would need to be filed—but the project might not require much in the way of reconceptualizing. The current design plan includes a 42-story tower with 32 apartments and 186 serviced apartments, while the second building would have 36 stories with 216 apartments. Converting these spaces to hotel guestrooms and suites would not be terribly difficult.
Banyan Tree spent about $50 million amalgamating the site in 2015, which involved negotiating with 64 owners.
The development follows two months of major partnerships for Banyan Tree: In December, the company sold a 5 percent stake to AccorHotels that will see the French company develop and manage hotels worldwide. Another 5 percent stake went to China's Vanke as part of a joint venture for hotel growth in that country.